人工智能云基础设施提供商CoreWeave, Inc. (CRWV) 今日盘中股价大跌13.74%，引起了市场的广泛关注。
消息面上，公司公布的2025年第四季度财报显示，尽管营收同比增长110%至15.7亿美元，略超市场预期，但盈利指标显著恶化。当季每股亏损0.89美元，远逊于分析师预期，净亏损更是同比大幅扩大。此外，公司给出的2026年第一季度营收指引为19亿至20亿美元，低于市场普遍预期的22.9亿美元，令投资者感到失望。
更令市场担忧的是，CoreWeave计划将2026年的资本支出目标定为300亿至350亿美元，这一数字是2025年资本支出的三倍多。激进的扩张计划虽然旨在满足AI算力需求的爆发式增长，但也引发了投资者对公司短期内利润率承压、亏损可能持续扩大以及现金流压力的深切忧虑。公司庞大的积压订单在带来长期收入预期的同时，其执行风险和伴随的债务负担也成为市场关注的焦点。
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